Wheat: As at the end of February, Govt had sold a record 7.7 mln tn wheat under the open market scheme. Bulk purchases of wheat picked up this year, partly because consumers started sourcing the food grain at a cheaper rate from the central pool, as spot prices rose sharply with a drop in supply.
Maize: Maize prices extended gains across key spot markets as bulk buyers bought the commodity aggressively on fear of tight supply going ahead. However, the rise in arrivals prevented sharp gains. Bulk buyers anticipate a severe supply crunch ahead, as the production is likely to be smaller than last year, so they are replenishing stocks.
Rice : last week, prices were up marginally as rice millers and exporters are restoring stocks. However, Prices are likely to remain largely steady at these levels due to lean arrivals amid weak demand.
Barley: New crop of barley has started to arrive in markets, it is almost a week ahead of schedule. While prices of the new crop are up 20% as rising in demands from stockists & feed sector.
Pulses : India Pulses prices declined due to a huge supply of new crop in spot markets amid lacklustre demand from millers.
Soybean: Soymeal exports fell about 6% on year to 69,428 ton, For Apr-Feb, soymeal exports were at 1.08 million ton, down by 3.3% on year. Last week soybean price in key spot markets was remain stagnant due to subdued demand from crushing units amid weak arrivals on the lean season.
Mustard: Mustard output in Rajasthan, is seen 5.5% higher at 3.59 mln tn in 2018-19 (Jul-Jun), while all India production is expected to rise by 18-20% this year. Rajasthan government aims to procure 850,000 ton mustard in 2019-20 (Apr-Mar) under the price support scheme.
Veg Oils : Malaysian Palm Oil Board (MPOB) data released today with a bearish outlook for the market as Malaysia stocks is at 3.045 this is 2.8% higher from the market projection. In the domestic market, Demand for CPO increased in the local market as spread between RSO & CPO increased. In front of soy oil, More soy oil could be seen imported by India in coming months as Argentina crop crushing chamber, Ciara, signed an agreement with Solvent Extraction Association of India to increase soy oil exports to up to $2 billion/year (compared to $1.34 billion last year).
Sugar: Sugar prices remain on the downside, spot markets because of weak demand from bulk buyers. Mills are selling at lower rates because of high allocation of quota for March. High availability of sugar in the country also contributed to the fall in prices. India’s total sugar production rose 6.9% on year to 24.8 mln tn during Oct-Feb’19.
Coriander: New crop arrival started in the markets, but this year’s crop is expected to be down by 25% from last year which may keep prices in higher side. However, old stocks is high in the key markets.
Vegetables: Prices of onion was rose in Jalgaon and pimpalgaon, due to arrival and subsidy from government, tomato price was unchanged compared to the previous week.